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Asia under attack from US,G7,IMF,World Bank,WTO and Global Banks

IT is now more than a year since the Asian financial crisis erupted. There is no sign that it is abating or that the currencies of the countries affected are stabilizing.The debate continues as to the reasons why these countries became afflicted with this scourge. The standard answer, that it is due to the absence of strong fundamentals, is however, now wearing thin. More and more economists are challenging this view. However, the focus of attention is now on the measures taken to tackle the crisis. Here the IMF, which was called in by the governments of Thailand, Indonesia, and South Korea for financial assistance, occupies centre stage. More than at any other time, the role, competence and integrity of this institution have come under serious attack.

Meanwhile, the WTO has now seen some of its efforts on a global scale, but in the same direction, bear fruit. After 4 years of talks, the financial services accord was finally concluded. It will mainly benefit banks, insurance companies and securities firms from the US and Europe which will now be able to penetrate and dominate these hitherto protected sectors of the economies of the South. The IMF and the WTO are working in tandem: to make the world a more profitable place for Northern capital and business. Click on the articles below for analyses of the issues involved.

 


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